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Frozen Russian assets won't likely be given to Ukraine, senior EU officials say

Photo by Guillaume Périgois / Unsplash

The European Union is unlikely to give $300 billion in frozen Russian assets to Ukraine even as other forms of aid for the country are at least temporarily blocked, Reuters reported, citing unnamed senior EU officials.

"Confiscation of the capital of the Russian assets is not going to happen," said one senior official on the condition of anonymity. "There is no agreement on this among EU member states."

EU member states worry courts may eventually rule the confiscation of such assets illegal and they fear that seizure could prompt international investors to pull out of the euro currency for concern their assets could one day be seized too.

Reluctance to use the frozen assets, which are mostly held in Belgium by clearing house Euroclear, comes as the EU faces political opposition to its €50 billion "Ukraine Facility" aid package it earmarked for Ukrainian aid and the US administration hits political headwinds with its $61 billion aid plan.

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